Page:United States Statutes at Large Volume 90 Part 1.djvu/165

 PUBLIC LAW 94-210—FEB. 5, 1976

90 STAT. 115

EMPLOYEE PROTECTION

SEC. 616. (a) Section 505(a) oi such Act (45 U.S.C. 775(a)) is amended by striking out the period at the end thereof and inserting in lieu thereof the following: ", including benefits under any employee pension benefit plan in effect on December 1, 1975, other than a plan maintained primarily for the purpose of providing deferred compensation for a select group of management personnel or other highly compensated employees. For purposes of protecting employee pension benefits under this title, the term 'protected employee whose employment is governed by a collective-bargaining agreement' includes any beneficiary of, and any participant in, such plan, including noncontract employees. The protected benefits of such beneficiary or participant, accrued as of the date of conveyance, may be limited to the amount guaranteed under terminated plans pursuant to title IV of the Employee Retirement Income Security Act of 1974. Pension bene- 29 USC 1301. fits shall not be paid to any beneficiary of a terminated plan whose benefits are guaranteed by such Act.". (b) Section 505(b)(1) of such Act (45 U.S.C. 775(b)(1)) is amended by striking out "the last 12 months immediately prior to his being adversely affected" and inserting in lieu thereof "the 12 full calendar months immediately preceding February 26, 1975, or in the case of a supplementary transaction, the 12 full calendar months immediately preceding the effective date of such transaction". (c) Section 505(b)(3) of such Act (45 U.S.C. 775(b)(3)) is amended by striking out "his being adversely affected" and inserting in lieu thereof "February 26, 1975, or the effective date of the supplemental transaction, as the case may be". (d) Section 505(b) of such Act (45 U.S.C. 775) is amended by (1) redesignating paragraph (4) thereof as paragraph (5) thereof and (2) inserting a new paragraph (4) therein as follows: "(4) If a noncontract employee exercises seniority rights in a Noncontract craft or class of employees protected under this Act, then, during employees, the period such seniority is exercised, such noncontract employee shall be entitled to the same protection offered under this Act to employees in the craft or class in which such seniority is exercised. However, in computing the monthly displacement allow"ance, the last 12 months prior to February 26, 1975, during which such noncontract employee performed service under a collectivebargaining agreement, shall be used.". (e) Section 505(f) of such Act (45 U.S.C. 775(f)) is amended to read as follows: "(f) TERMINATION ALLOWANCE.—The Corporation may terminate

the employment of an employee of a railroad in reorganization who has less than 3 years' service with such railroad, as of the date of enactment of this Act. The Corporation's right to terminate an employee must be exercised within a period of 1 year from the date of conveyance, pursuant to section 303 of this Act. Upon notification to 45 USC 743. the employee of the Corporation's intent to terminate his services, the employee shall have the option of accepting the termination allowance or of accepting a voluntary furlough without pay. If the employee entitled to receive a lump sum separation allowance accepts such an allowance, the amount shall be determined as follows: 2 to 3 years' service 1 to 2 years' service Less than 1 year's service

180 days' pay at the rate of the position last held. 90 days' pay a t the rate of the position last held. 5 days' pay at the rate of the position last held for each month of service.".

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